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PIA Press Release
2006/10/07

Lower inflation heralds strong RP economy

by RG Alama

Davao City (7 October) -- With Inflation at it's lowest in years, the economy is finally signaling that its payback time for the Filipino people.

The inflation rate for September, which was pegged at 5.7% is the lowest since mid- 2004 according to the National Statistics Office. Central bank and economists had expected that inflation in September would be in the range of 5.7-6.2 percent.

"This reflects favorable developments in oil prices and the peso-dollar exchange rate, and it also shows the impact of our cautious stance on monetary policy," Bangko Sentral ng Pilipinas (BSP) deputy governor Diwa Guinigundo said.

Finance Sec. Margarito Teves on the other hand said the administration's resolve to implement tough reforms and the resilience of the people to surmount every crisis and challenge have paved the way for a stronger economy ready for take off.

A confident market driven by good governance, free enterprise, and social justice now holds up the political and economic stability. While positive indicators such as the 5.7% September inflation rate, the appreciating peso, the improving financial standing, and the robust stock market have continuously earned the Philippines praises from international rating and financial institutions.

Last Monday the Philippine peso breached the P50 level. The strongest in four years reinforced mostly from overseas remittances and improvements in the government's finances. Last month the government recorded its fourth straight budget surplus in the year.

According to Budget Sec. Rolando Andaya, the peso juggernaut has chopped off about $340 million (P17 billion) from the country's interest payments in the first eight months.

"What the country has been achieving now is a tribute to the Filipino spirit that has remained unswervingly focused on going for the gold in every field of enterprise and excellence." A Malacaņang statement said commenting on a strengthening economy that refuses to be dampened by natural and political typhoons festering the country. (PIA) [top]

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